Electriq Power looks set to become the latest in a series of SPAC listings in the energy storage sector, with the US home energy storage firm set to hit a US$495 million valuation.
The California and Florida-headquartered firm will list on the New York Stock Exchange through a merger with TLG Acquisition One Corp, a special purpose acquisition company (SPAC), in the first half of 2023.
The combined entity will be called Electriq Power Holdings Inc and trade under the ELIQ ticker symbol. Alongside the US$495 million pro-forma pre-money equity valuation, the transaction will also provide Electriq Power with up to US$125 million in cash proceeds.
The company, founded in 2014, provides intelligent energy storage and management solutions for homes and small businesses. It claims to have an innovative go-to-market model that makes solar plus storage accessible to all socio-economic groups.
Energy-Storage.news recently reported on one of its projects that was aimed at low-to-moderate income residents in Washington DC, while more recently it has won contracts to roll out its energy storage solution – the lithium iron phosphate-based (LFP) PowerPod 2 – to homes in Santa Barbara and Puerto Rico in partnership with local utilities.
Mike Lawrie, chief executive officer, TLGA said: “Our proposed merger comes at the right time to address the rapidly growing demand in the residential solar energy storage market, technology development and innovation, consumer and provider demand, and government policy and environmental initiatives.”
The companies said the transaction delivers on incentives contained within recent federal policy moves like the Inflation Reduction Act.
Energy-Storage.news’ publisher Solar Media will host the 5th Energy Storage Summit USA, 28-29 March 2023 in Austin, Texas. Featuring a packed programme of panels, presentations and fireside chats from industry leaders focusing on accelerating the market for energy storage across the country. For more information, go to the website.